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Biden to ask Congress to act if oil cos don't lower costs, White House says

Published 10/31/2022, 01:43 PM
Updated 10/31/2022, 01:45 PM
© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks at the Pennsylvania Democratic Party's third annual Independence Dinner in Philadelphia, Pennsylvania, U.S., October 28, 2022. Reuters/Tasos Katopodis

© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks at the Pennsylvania Democratic Party's third annual Independence Dinner in Philadelphia, Pennsylvania, U.S., October 28, 2022. Reuters/Tasos Katopodis

© Reuters. FILE PHOTO: U.S. President Joe Biden delivers remarks at the Pennsylvania Democratic Party's third annual Independence Dinner in Philadelphia, Pennsylvania, U.S., October 28, 2022. Reuters/Tasos Katopodis

WASHINGTON (Reuters) - U.S. President Joe Biden on Monday will call on oil and gas companies to invest some of their record profits in lowering costs for American families, a White House official said.

"And if they don’t, he will call on Congress to consider requiring oil companies to pay tax penalties and face other restrictions," the official said on condition of anonymity.

Latest comments

Charles KOCH and his buddies will NEVER allow their Republican hand puppets to help Biden by cutting gas prices. Biden is dreaming.
SPR getting low now so blame Congress.
If this happen, it will backfire. They will move more energy production overseas or just produce less. Many high paying jobs in US will go away. Net affect, we will pay more at the pump.
If this happen, it will backfire. They will move more energy production overseas or just produce less. Many high paying jobs in US will go away. Net affect, we will pay more at the pump.
the Republicans love putin, because trump loves putin! they dont have their own minds!
it's amazing the american oil companies are helping putins war by price gouging benefitting russia and lining their pockets as we pay dearly!
Coersion is today’s democrats preferred tool of engagement! Didn’t work with the vacs, not gonna work here either, Joe!
Biden Comedy Club…the Show goes on…
right when you think he's the biggest idiot alive,he comes up with more.
He hasn’t made a good decision yet
and he wont.
Let's do the same for banks, pharmaceuticals, insurance companies, telecom providers... Make sure nobody ever makes profit ever again so all the incentives for taking risks and sticking out your neck are gone. Then we all go and live on benefits. Why not???
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